Today’s ESG Updates
- China Wants Cleantech Tariffs on the COP31 Agenda: Vice Minister Li Gao calls protectionism a new problem for climate action, in a remark read as aimed at US and EU trade policy. He also wants a roadmap for the $300 billion yearly climate finance pledge to developing nations.
- Kenya Signs $160 Million Deal to Protect 173,000 Sq Km of Wild Landscapes: The Thamani Asili program pairs $80 million from donors with a similar sum from the government over ten years. It uses the Project Finance for Permanence model, which ties payouts to policy reforms.
- Meta Faces Australian Class Action Over Alleged Harm to Children: Eight plaintiffs say Facebook and Instagram exposed them to harmful material and kept them hooked through algorithms. Meta says it will contest the claim, and the case may be the first of its kind in Australia.
- Citi Closes $72 Million Carbon Removal Note for Texas Biochar Project: Investors forgo coupons and are paid from verified carbon credits the project delivers. Citi calls it its first outcome bond tied to verified carbon removals, and Microsoft has agreed to buy a portion of the credits.
China seeks COP31 debate on cleantech trade barriers
.China wants to put tariffs on green technology on the COP31 agenda in Antalya, Turkey, next month. Li Gao, vice minister at China’s Ministry of Ecology and Environment, said on Wednesday that talks must tackle a new obstacle to global climate efforts: unilateral, protectionist trade policy. The remark is seen as a veiled jab at Washington and Brussels.
The country dominates global production of solar modules, turbines, batteries and electric cars. The US has placed steep duties on Chinese solar products and electric cars. The EU has taxed Chinese autos, curbed some solar parts and opened an unfair-trade probe into a major wind company.
Li also urged delegates to agree on a plan to deliver the $300 billion in yearly climate finance promised to developing nations in 2024. On Turkey’s proposed global electrification goal, he said it matches Chinese policy but did not offer outright support.
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Kenya secures $160 million conservation deal to protect key wildlife habitats
Kenya and a group of donors have signed Thamani Asili, a $160 million program to protect 173,000 square km, focusing on hotspots between the Great Rift Valley and the Maasai Mara. The name is Kiswahili for “value of nature.”
Donors, including heirs of the Walton and Cargill families, will invest $80 million over ten years, and the government will add a similar amount. The money will fund new conservation areas and improve care for some existing ones under the Project Finance for Permanence model, which links payouts to government policy reforms.
The Nature Conservancy said four regions come first, including Tsavo. The scheme is set to move Kenya closer to the global goal of protecting 30% of land and sea by 2030, up from an estimated 20%-23%. Brazil and Gabon unveiled comparable deals last year, and Namibia and Botswana are developing their own.
Related Articles
Here is a list of articles selected by our Editorial Board that have gained significant interest from the public:
Meta hit with Australian lawsuit over social media harm to children
Meta faces a class action in Australia over claims that Facebook and Instagram harmed young users. Law firm MinterEllison lodged the case in the Federal Court this month on behalf of eight plaintiffs, who say they suffered harm as minors and want compensation. The claim alleges the platforms exposed children to harmful material and used algorithms to keep them addicted. It may be the first Australian case to hold social media responsible for harm to users.
Meta said it will strongly contest the claim. A court order issued Monday bars publication of details that could identify the plaintiffs, or of the statement of claim.
Australia has banned social media for under-16s, a world first, and proposed new rules that could let users switch off algorithm-driven feeds. In August, Meta agreed to pay $18 billion to settle child addiction claims with nearly all US states.
Citi closes $72 million carbon removal note to back Texas biochar project
Citi said it has closed a $72 million note that channels private capital into carbon removal. The 3.5-year, principal-protected instrument will back Applied Carbon’s biochar project in Texas.
Note buyers forgo regular coupon payments. Instead, investors receive an upfront payment, and repayment depends on the issuance and delivery of carbon credits the project generates. Citi described it as its first outcome bond tied to verified carbon removals.
Applied Carbon uses mobile pyrolysis equipment that turns crop residue into biochar, a durable material that stores carbon and improves soil. The equipment can operate within a field or along its edge. Microsoft signed a 2022 deal to buy a portion of the credits. Nuveen invested and said the biochar equipment fits its portfolio.
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: K
